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AI Growth and Its Impact on the Job Market

artificial intelligence
Machine Learning & Artificial Intelligence by mikemacmarketing Credits: Flickr/CC BY 2.0.

Artificial Intelligence (AI) has been making headlines for years as one of the most transformative technologies in the modern era. As AI growth continues to get bigger, its impact on the global economy and the job market is increasingly felt.

An artificial intelligence gold rush has begun over the past few months to extract the predicted business prospects from generative AI models like ChatGPT, whether it is founded on hallucinatory beliefs or not.

In an effort to understand the sensational text-generating bot that OpenAI unveiled last November, app developers, venture-backed companies, and some of the biggest organizations in the world are all frantically trying to understand it.

Although businesses and executives clearly perceive an opportunity to profit, it is much less clear how the technology will affect labor and the economy as a whole. ChatGPT and other recently released generative AI models promise to automate a variety of tasks previously thought to be solely within the realm of human creativity and reasoning, from writing to creating graphics to summarizing and analyzing data. Despite their limitations, chief among which is their propensity for making stuff up, ChatGPT and other recently released generative AI models are not without their own limitations. Because of this, economists are uncertain of how jobs and general productivity may be impacted.

Arificial inteligence
Artificial Intelligence, AI, by mikemacmarketing. Credits: Flickr/CC BY 2.0.

The Global AI Market: Size and Growth

The global AI market has been growing rapidly, driven by advancements in machine learning, deep learning, and natural language processing. According to a report by Grand View Research, the AI market size was valued at USD 62.35 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 40.2% from 2021 to 2028.
The current value of the global AI market is $136.6 billion and is expected to reach $1.81 trillion by 2030!

Major Players in the AI Market

The AI market is dominated by several key players, including:

Google: Google’s AI subsidiary, DeepMind, has developed various AI solutions, including the well-known AlphaGo and AlphaFold systems. Google also offers AI services such as TensorFlow, an open-source machine learning framework.

IBM: IBM has been a significant player in AI research and development for decades, with its AI platform Watson being one of the most recognizable AI brands in the world.

Microsoft: Microsoft’s AI efforts include Azure AI, a suite of AI services and tools, as well as investments in AI research and development across various domains.

Amazon: Amazon Web Services (AWS) offers a range of AI services, such as machine learning, computer vision, and natural language processing, catering to businesses and developers alike.

NVIDIA: As a leading provider of GPU hardware, NVIDIA plays a vital role in enabling AI growth through its hardware solutions and software frameworks designed for machine learning and deep learning applications.

The Future of AI: What to Expect

AI resembling Human brain
Artificial Intelligence – Resembling Human Brain by deepakiqlect. Credits: Flickr/ CC BY-SA 2.0.

Already, generative AIs are able to converse, produce poetry, develop computer code, and respond to questions. They are initially being introduced in conversational formats like ChatGPT, Bing, and Google’s Bard, as the term “chatbot” suggests.

But that won’t last for very long. These AI technologies will already be present in Microsoft and Google goods, according to plans. These will enable you to accomplish a variety of cool feats, such as automatically summarizing meetings, crafting savvy marketing messages, and writing a rough copy of an email.

Other IT firms can integrate GPT-4 into their applications and products using the A.P.I. that OpenAI also provides. Additionally, it has developed a number of plug-ins that enhance ChatGPT’s functionality from businesses including Instacart, Expedia, and Wolfram Alpha, enabling future users to house a real personal assistant on their devices. AI applications are becoming more widespread across various sectors, such as healthcare, finance, retail, and manufacturing, driving the further market growth.

AI Growth and the Job Market: Opportunities and Threats

AI-Driven Job Opportunities

As AI continues to expand, new job opportunities are emerging in fields such as:

Data Science: Data scientists play a crucial role in training AI algorithms and interpreting the results of AI-driven analyses.

AI Engineering: AI engineers develop and maintain AI systems, ensuring their efficient operation and integration with other technologies.

AI Ethics and Policy: As AI growth raises ethical concerns, there is an increasing demand for professionals who can navigate the complexities of AI ethics and develop policies to ensure responsible AI development and use.

Jobs at Risk of Extinction

While AI growth presents new opportunities, it also threatens some jobs, particularly those that involve repetitive tasks and can be easily automated, like:

Manufacturing and Assembly: With the rise of AI-powered robots, many manual assembly jobs are at risk of being replaced by automated processes.

Material handling
Over 50 Years of Production – The TMHE Production Line by Toyota Material Handling EU.Credits: Flickr/CC BY-NC-ND 2.0.

Data Entry and Analysis: AI algorithms can process and analyze large amounts of data more quickly and accurately than humans, which may lead to a decline in demand for data entry and analysis positions.

Customer Service: AI-driven chatbots and virtual assistants are increasingly handling customer service tasks, potentially reducing the need for human customer service representatives.

So, where is this going? How will the AI economy be shaped?

Kevin Roose, author of ‘Futureproof: 9 Rules for Humansin the Age of Automation’, discusses how AI is changing the nature of work, pointing out instances like “labor displacement that we traditionally think of when we think about automation, ” though he notes that this is occurring in a wider range of industries than it previously has, including white-collar workplaces. The replacement of management tasks is less well known: ” There’s now a whole industry of worker surveillance and performance tracking software, and in some cases automatically making decisions about hiring and firing.” By 2034, this may result in the replacement of 47% of all job functions.

The two-tiered economy predicted by Mr. Roose will consist of the machine economy and the human economy. The former’s goods will become incredibly affordable. He claims that AI will make it possible for the managers of those businesses to eliminate all waste and inefficiency.

The human economy, in contrast, will be made up of individuals who focus more on creating sensations and experiences than on producing goods and rendering services. Examples of such individuals include healthcare professionals, educators, and artists. Why end there then? Because their job is to make others feel comfortable, even those you wouldn’t consider irreplaceable, like bartenders, baristas, and flight attendants, fall into the category. The human touch is what makes everything so important.

According to Mr. Roose, this will lead to an increase in the creation of higher-touch versions of hyper-scale digital companies’ services, such as premium Netflix where movie curators choose movies for you. According to Mr. Roose, there will be layers within these businesses where customers pay more for human interaction on top of the fundamental layer. He foresees a new wave of businesses that scale human interaction without losing their humanity.

work with AI
AI, by Darcy Moore. Credits: Flickr</CC BY-NC-SA 2.0.

In conclusion, we have new jobs that will be born for AI, some jobs, especially manual ones will become extinct and we also have the ones that are in the middle: lawyers, digital marketers, content writers, journalists, etc.

While AI presents many opportunities for increased efficiency and cost-effectiveness, it also poses challenges and may require professionals to adapt their skills and roles. AI’s ability to analyze vast amounts of data quickly and accurately can be a game-changer for professions such as lawyers and digital marketers. For instance, AI-powered legal tools can streamline document review, case research, and contract analysis, allowing attorneys to focus on more strategic tasks and provide better client service. Similarly, AI algorithms can help digital marketers optimize campaigns, analyze consumer behavior, and predict trends, leading to more targeted and effective marketing strategies.

To stay relevant, professionals in these sectors must focus on developing skills that complement AI, such as creativity, empathy, critical thinking, and emotional intelligence.
Moreover, as AI assumes a larger part in decision-making procedures, ethical considerations will become more crucial. To guarantee that AI technologies are used fairly and responsibly, experts will need to keep an eye on concerns like algorithmic bias, transparency, and data privacy.

The emergence of AI in the field of journalism has raised concerns about the future of the profession. AI-driven tools, such as natural language generation systems, can create news articles, summaries, and headlines in a fraction of the time it takes a human journalist. Moreover, these AI-generated articles can be tailored to suit specific audiences, further enhancing their appeal.

AI & machine Learnijng
Artificial Intelligence & AI & Machine Learning by mikemacmarketing Credits: Flickr/CC BY 2.0.

However, it is essential to recognize that AI-driven journalism has its limitations. While AI can handle repetitive, data-driven reporting tasks, it struggles with more complex aspects of journalism that require critical thinking, empathy, and a deep understanding of context. Human journalists play a vital role in investigating stories, providing nuanced analysis, and holding the powerful accountable. Therefore, it is unlikely that AI will entirely replace journalism; instead, it may serve as a complement to human journalists, enabling them to focus on high-value tasks that AI cannot perform.

In the future, we can expect a more collaborative relationship between AI and journalists, with the technology taking on more mundane tasks and freeing up journalists to focus on in-depth reporting and analysis.

In conclusion, AI has the potential to transform non-manual positions in the service industries by presenting fresh chances for productivity and development. But, in order to succeed in this shifting environment, professionals will need to adapt and acquire new abilities. Professionals may use the power of AI to build a better future for their fields by embracing lifelong learning, emphasizing human-centric skills, and managing ethical dilemmas.

And with the addition of all the following tools, professionals will enjoy a kind of personal butler that does the “boring” tasks for them, so that they will have more time to be creative and develop their businesses.

Microsoft logo
Microsoft sign outside building 99 by Robert Scoble Credits: Flickr</CC BY 2.0.

Microsoft CoPilot and Google’s AI in Google Workspace

Microsoft CoPilot

Microsoft CoPilot is an AI-driven code completion tool designed to assist developers in writing code more efficiently. Recently Microsoft announced its expansion into its 365 platform, which is bound to revolutionize the way students, home users and professionals work.

In essence, in the near future a user can ask a virtual assistant to compose their emails based on their emailing history, craft pro-grade presentations or gather statistics and create graphs from complex Excel data, just based on natural language prompts; like asking your personal assistant.

Google’s AI in Google Workspace

Google Workspace, formerly known as G Suite, is a suite of cloud-based productivity and collaboration tools that includes applications like Gmail, Google Drive, Google Docs, and Google Meet. Google has been integrating AI into these tools to enhance their functionality and improve user experience.

For example, Google Docs feature AI-driven features like Smart Compose for quite some time, which uses AI to predict and suggest phrases as users type, allowing for faster and more accurate typing. Google Workspace also utilizes AI for grammar and spell-checking, helping users create polished and professional documents.

Additionally, Google’s AI powers the “Explore” feature in Google Sheets, which enables users to ask natural language questions about their data and receive instant insights and visualizations. This feature simplifies data analysis and helps users make data-driven decisions more easily.

These AI-powered features in Microsoft CoPilot and Google Workspace showcase the potential for AI to enhance productivity and streamline tasks across various industries. As AI continues to advance, we can expect to see even more sophisticated AI-driven tools that help users work more efficiently and effectively.

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